Finance Manager Interview Questions and Answers for Freshers

To enhance duties and responsibilities, a clear plan must be developed and communicated to all stakeholders.

• Identify areas for improvement

• Develop a plan with specific goals and timelines

• Communicate the plan to all stakeholders

• Provide necessary training and resources

• Monitor progress and adjust as needed

The prime sources of finance manager are equity, debt, and retained earnings.

• Equity financing through stocks and shares

• Debt financing through loans and bonds

• Retained earnings from profits

• Leasing and factoring

• Grants and subsidies

• Crowdfunding and peer-to-peer lending

7/12 is a fraction used in land measurement in India. The first thing seen in 7/12 is the name of the landowner.

• 7/12 is a fraction used in land measurement in India

• It represents the portion of land owned by a particular person

• The first thing seen in 7/12 is the name of the landowner

• It also includes details like survey number, area, and type of land

Rent is short-term, lease is long-term. Rent expense is recorded monthly, lease expense is amortized over lease term.

• Rent is typically for a short period of time, while lease is for a longer period.

• Rent expense is recorded monthly in the income statement, while lease expense is amortized over the lease term in the balance sheet.

• Lease agreements often involve a fixed term and specific terms and conditions, while rent agreements are more flexible and can be renewed on a monthly...read more

KYC stands for Know Your Customer. It is a process of verifying the identity of a customer before providing them with services.

• KYC is a regulatory requirement for financial institutions to prevent money laundering and terrorist financing.

• It involves collecting and verifying personal information such as name, address, date of birth, and identification documents.

• KYC can be done through various methods such as in-person verification, video KYC, and e-KYC.

• Examples of KYC document...read more

The latest GST and income tax amendments are important for finance managers to stay updated on regulatory changes.

• GST amendments include changes in tax rates, input tax credit rules, and compliance requirements.

• Income tax amendments may involve changes in tax slabs, deductions, and reporting requirements.

• For example, recent GST amendments introduced a new e-invoicing system for businesses with turnover above a certain threshold.

• Another example is the increase in the threshold...read more

Seeking new challenges and growth opportunities

• Looking for a more challenging role

• Desire to learn new skills and gain experience

• Opportunity for career advancement

• Company culture or values not aligned with personal values

• Better compensation or benefits package

• Relocation or commute issues

Human resources issues in a company

• Recruitment and retention challenges

• Employee morale and motivation

• Training and development needs

• Performance management and evaluation

• Conflict resolution and employee relations

• Compliance with labor laws and regulations